Dangote Refinery shares priced at ₦525 as SEC approves IPO
The Securities and Exchange Commission has approved the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, with the company offering 4.1 billion ordinary shares at ₦525 each. The offer could raise approximately ₦2.15tn if fully subscribed, according to a statement issued by the Dangote Group on Friday. The development comes shortly after PUNCH Read More:…
The Securities and Exchange Commission has approved the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE. The company is offering 4.1 billion ordinary shares at ₦525 each. According to Punch Nigeria, this offer could raise approximately ₦2.15tn if fully subscribed.
The refinery, which is Africa's largest, has a capacity of 650,000 barrels per day and has been operating at over capacity, with output reaching 700,000 barrels per day in tests, as reported by Punch. Aliko Dangote, President of Dangote Industries Limited, stated that the refinery aims to double its capacity to 1.4 million barrels per day.
Premium Times reports that the company will have the option to sell 15 per cent of the offer size if the transaction is oversubscribed. Nairametrics and BusinessDay Nigeria also reported that the shares will be priced at ₦525, potentially raising about $1.5 billion.
Brief written by urgent.news from Punch Nigeria, Premium Times, Punch, BusinessDay Nigeria, Nairametrics — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Dangote Refinery shares priced at ₦525 as SEC approves IPO punchng.com
- Dangote Refinery to price IPO shares at N525, targets $1.5 billion raise nairametrics.com
- Dangote Refinery IPO set for N525 per share businessday.ng
